US new-home construction and permits fell last month, but single-family-home starts remained strong, another sign of stabilisation in the housing market.
Multifamily housing starts, a more volatile measure that includes properties such as condominiums and small apartment buildings, pulled overall housing starts down 1% in July from a month earlier to a seasonally adjusted 581,000 annual rate, the Commerce Department said Tuesday. That compares with a 6.5% increase in June.
Construction of single-family homes, though, rose 1.7%, to 490,000, in July after climbing 17.8% in June. Single-family permits, a sign of future construction, rose 5.8%.
Wall Street Journal